New Jersey Mortgage Licensing

New Jersey Mortgage Licensing

New Jersey removed their Brick’n’mortar (Physical Office) Requirement on 1/4/10.

Mortgage Servicer, Banker and Broker

Mortgage Banker License

Physical In-State Office Required: No (Eliminated 1/4/2010)
Qualifying Individual: Yes, one officer must complete requirements to obtain a NJ LO License.
Minimum Net Worth: $250,000 Audited
Surety Bond: $150,000
Comments: Office Suitability (1) an office to be located within the State of New Jersey OR (2) an office to be located outside of New Jersey.

Mortgage Banker and Broker

Correspondent Mortgage Banker License

Physical In-State Office Required: No (Eliminated 1/4/2010)
Qualifying Individual: Yes, one officer must complete requirements to obtain a NJ LO License.
Minimum Net Worth: $150,000 Audited
Surety Bond: $150,000
Experience/Education: Officer of company to complete LO Licensing Requirements
Comments: Office Suitability (1) an office to be located within the State of New Jersey OR (2) an office to be located outside of New Jersey.

Mortgage Broker

Mortgage Broker License

Physical In-State Office Required: No (Eliminated 1/4/2010)
Qualifying Individual: Yes, one officer must complete requirements to obtain a NJ LO License.
Minimum Net Worth: $50,000 Audited
Surety Bond: $150,000
Comments: Office Suitability (1) an office to be located within the State of New Jersey OR (2) an office to be located outside of New Jersey.

Contact Info

Disclosure

Information herein is for educational purpose only and is not meant to be a complete statement of all state mortgage licensing requirements. Additional State and FHA mortgage licensing requirements may be required. If you need further information, we would encourage you to contact us directly.